Financial Results : Bank AlJazira net profit rises 11% to SAR 865.3 mln in 9M 2022; Q3 at SAR 232.7 mln

Bank AlJazira net profit rises 11% to SAR 865.3 mln in 9M 2022; Q3 at SAR 232.7 mln

24/10/2022 Argaam Exclusive

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Bank AlJazira reported a net profit of SAR 865.3 million for the first nine months of 2022, a rise of 11% from SAR 777.3 million a year earlier.

 

The profit growth was driven by a 7% decrease in total operating expenses mainly triggered by a decline in net impairment charges for financing and other financial assets, as well as impairment charges for other real estate, in addition to depreciation and amortization expenses.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Net Special Commission Income 1,948.97 2,014.31 3.4 %
Operating Income 2,652.14 2,622.81 (1.1 %)
Total Provisions (469.22) (236.11) 49.7 %
Net Income 777.28 865.34 11.3 %
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) 0.76 0.84 11.3 %
EPS Diluted (Riyals) 0.76 0.81 6.2 %

In Q3 2022, net profit rose 13.8% to SAR 232.7 million from SAR 204.5 million a year earlier, mainly due to a decrease in total operating expenses by 5%.

 

On a sequential basis, net profit dropped 9.7% from SAR 257.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Net Special Commission Income 673.68 654.33 (2.9 %)
Operating Income 878.26 881.13 0.3 %
Debt Provisions (158.46) (102.52) 35.3 %
Net Income 204.53 232.67 13.8 %
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) 0.20 0.23 13.8 %
EPS Diluted (Riyal) 0.20 0.22 12.0 %

Total shareholders’ equity, no minority interest after excluding sukuk, stood at SAR 11.799 billion as of Sept. 30, 2022, compared with SAR 11.795 billion a year earlier.

Balance Sheet (B)

Item 9m 2021 9m 2022 Change‬
Assets 98.58 110.28 11.9 %
Customer Deposits 74.26 82.28 10.8 %
Loan 58.44 67.65 15.8 %

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